New York settled with a 50 point gain at 117.70, aided along by a short term systems and momentum buying in the wake of a greener macro. KC managed to trade a fifth consecutive higher high, tallying 445 points above the 114.95, 27 month plus lows of the 19th of June. For the past 2 months, KC has found the 9 day moving average to define support and resistance, and today it took it out and closed above for the first time since the market gapped higher, from 118.55-120.20, on the 22nd of May. Skeptical selling came to the close which took prices back to the early morning lows, putting up a 3rd day of higher closes, its best string in over a month. A bit of early confusion surrounded London’s notices which ultimately amounted to 2 lots of conillons. Open interest in July remained at 8,250 lots entering the day as some traders were said to have been caught off guard by the new contract rules and earlier delivery date.
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